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Public international law does not encompass external sovereign debt. In particular, the current status of 'odious debt', which may also be termed 'illegitimate debt', in international law epitomizes the weakness of international law with respect to external sovereign debt. Odious debt is subject to politics and ad hoc relations on the international stage. By and large, the law engages with external sovereign debt on the national level—e.g., via the national laws and the national courts of financial centers. In the event of a dispute regarding external sovereign debt, it is very rare that international law or international adjudication deal with external sovereign debt. [ABSTRACT FROM AUTHOR]

Financial literacy is ideally suited to be integrated into mathematics courses and taught in an interdisciplinary manner. Students learn best and are motivated when tackling real-world meaningful questions. This article shares how elementary mathematics was applied to better understand the debate about raising the minimum wage and the United States National Debt. To serve as a guide for other teachers who wish to incorporate financial literacy into their mathematics courses and take an interdisciplinary approach, this article suggests readings, data sets, and pedagogical practices. Students were engaged and enthusiastic to work on problems that challenged their thinking about financial issues. [ABSTRACT FROM AUTHOR]

Over a long period, the main intrigue within the current global contradiction has been the resistance of most of the world community to the growing egoism of the USA, which is not willing to consider other countries' interests. This has become even more evident since Donald Trump's rise to power, as the frontline of the contradictions has expanded since the USA continues to ignore the others' interests. Trump's 2016 campaign slogan, "Make America Great Again," is direct evidence of the loss of the U.S.'s former leadership, and indicates that the situation in the world is going to heat up. Thus, it is important to consider the material basis of contemporary US power and whether it will allow America to be "great again" or not. The article analyzes seven (actual and potential) weaknesses of the USA—some of which, paradoxically, support its current power. But sooner or later these weaknesses will bring the USA to a crisis and topple it from its leading position. In the last part of the article, we show how we can speak of President Trump's policy as an objective (though not terribly rational) reaction to changes in the World System and the weakening of the USA's positions within it, linking his policies to the World System reconfiguration, with movement toward a new world order as a result. The novelty of the article is that the known problems of the USA are collected, systematized, their interrelations and mutual influences are shown, and forecasts made on this basis. [ABSTRACT FROM AUTHOR]

The article proposes a mathematical model linking GDP growth with changes in national debt. The model is based on a system of two linear ordinary differential equations. The rate of GDP growth is defined in the model as the difference between aggregate revenues and aggregate expenses, including debt service expenses. Possible types of GDP and national debt dynamics are investigated as a function of parameters. External investments increasing national debt may accelerate economic growth, whereas without new external loans GDP either does not grow or grows slowly. An equation describing the variation of relative external debt has been derived and fully investigated. It is shown that the external debt is never fully repaid, which is consistent with other models. Conditions of stable economic growth are derived, when GDP grows faster than or at the same rate as national debt, whereas the relative debt approaches a constant value. We investigate conditions that preclude a Ponzi game, so that a country cannot use new external debt to build a financial pyramid to repay old debt. The model features are demonstrated in application to statistical data from a number of countries. The model parameters are determined and growth trajectories are calculated for GDP and national debt. [ABSTRACT FROM AUTHOR]

According to the modern widespread approaches to the nature of external debt and its effects on economic processes, debt financing is among the distinctive features of the liberalization-oriented world of nowadays. Accordingly, unrestricted capital flows signify orientation at macroeconomic balance, since under the conditions when administrative barriers are absent capital distribution is even and symmetric, enabling leveling of factor prices. Associated with these arguments is a claim that prices of goods and services do not indicate nonnegligible fluctuations and a financial system gains economic agents' confidence. This research addresses the issues of the phenomenon of external debt and provides an insight into the U.S. external debt and its effects on both the U.S. and world economy. The findings show that the U.S. external debt is of no considerable threat to the world economy in the short-term, since the peace of the world's economic leader's growth exceeds that of debt servicing expenditures. However, an economic decline may turn the status-quo upside down, since the country may face inability to raise enough funds in time to discharge its financial liabilities, especially to non-residents. [ABSTRACT FROM AUTHOR]

Samuel Taylor Coleridge’s reflections on the British national debt recur throughout his work. This article examines his understanding of the economic function of the debt, and contends that his arguments are conditioned by the ideas of moral duty and the social contract derived from Immanuel Kant. The poet’s economics are consequently shown to relate to the ethics of the private debtor–creditor relationship developed in his moral and theological thought. This establishes Coleridge as a forerunner to recent scholarship on the ethics of economic indebtedness, and suggests further avenues for the exploration of debt in the Romantic period and beyond. [ABSTRACT FROM AUTHOR]

This article examines the connection between issues of security, finance and the army in Ireland in the years 1714-16. The death of Queen Anne and succession of the first Hanoverian monarch, George I, in August 1714, offered renewed hope to the supporters of the jacobite cause in Ireland, Scotland, England and beyond. However, the threat of a Stuart restoration by force of arms served to galvanise the efforts of government in both England and Ireland in support of the Hanoverian succession, though the necessary military preparations and precautions resulted in increased public expenditure. In Ireland, the government's need to find new sources of revenue meant that parliament would have to be convened, which, in turn, necessitated compliance with a series of constitutional practices which had evolved since the 1690s in relation to Poynings' Law and supply legislation. Yet, despite a threatened jacobite invasion, factional political manœuvring, as ever, demanded compromise, though, ultimately, the wholly protestant Irish parliament took the necessary precautions to secure Ireland for the new Hanoverian regime by voting new taxes and facilitating the creation of a national debt in order to raise new regiments for the army. The coalescing of the issues of security, finance and the army thereby led to innovations in Irish parliamentary and financial practice which were to become key components of the constitutional framework in Ireland until legislative independence in 1782. [ABSTRACT FROM AUTHOR]

Purpose – This study aims to statistically investigate the place of the eurozone countries in the framework of the international economy and particularly within the most advanced non Euro-currency countries; second it attempts to explain the eventual discrepancies in the performing of the eurozone from the most advanced non-eurozone countries by the weaknesses of some eurozone members. The discriminant analysis as an investigation tool has been chosen as an as unbiased as possible investigation technique. Of course, every discriminant analysis requires classification criteria. The criteria adopted in this study result to more or less the same conclusions. Design/methodology/approach – Most econometric studies prefer the popular econometric techniques employing classical regression techniques, while methods of multivariate statistics and non-linear regressions occupy a minor place as statistical tools. Numerous and multivariate data call for multivariate techniques, which at the cost of losing information and details allow for better a perception of the data structure. Therefore, a great part of the statistical analysis focuses on multivariate techniques and non-linear regression. Findings – The study concludes that despite the present budget and debt crisis hitting some major and minor eurozone members the "real" economy of the eurozone posseses a first class place in the World economy – both in relative and absolute terms. During the course of the study effort was paid to balancing the tools of investigation and the fertility of the results, in particular to approach questions such as: what is present condition of the eurozone? How solid are the predictions for a hanging collapse of the euro currency and the eurozone? At the end of the study is given an apercu on the transition of the member countries to the eurozone and their economic status by the end of 2011 tries to soften the fears for the eurozone future. Originality/value – This study tries to analyze the position of the eurozone countries from an arithmetic/objective perspective, ignoring as much as possible the (geo) political and national interests of the principal countries involved as an effort to check the solidity of the fears. Not all parameters of the economy can enter the study. The author has chosen a few variables, which to their opinion reflect the overall performance of an economy. Parameters relating to financial aspects have nowadays in great degree become autonomous and call for special inquiry. The study seeks to add to econometric studies carried out by national and international institutions and Universities. It mainly concerns the statistical techniques and to treat eurozone as a whole entity vs the rest of the developed non-eurozone world. Indeed, the study tries to defend the eurozone using objective data against a multitude of gloomy predictions, raised by several world partners, for the performance and the future of the eurozone. [ABSTRACT FROM AUTHOR]

This study of all fifty state, high school social studies curriculum standards found a lack of attention in the vast majority of state standards to the federal budget, federal debt, and budget deficit, topics of significant concern. These concepts are important to teaching about economics in the United States since they lie at the center of contemporary debates about the health of the nation's economy and its long-term viability. Our research discovered broad variation among states in the degree of specificity about teaching these economic concepts. We discuss specific ways in which some of the economic concepts found in state social studies standards might be used to infuse content about federal budget, federal debt, and budget deficit into high school social studies courses, critical topics in light of contemporary debates about the future of American entitlement programs and the federal government. [ABSTRACT FROM AUTHOR]

Purpose - This paper aims to study a monetary policy problem, where concerns with price stability and with the impact of interest rates on public debt are simultaneously addressed. Design/methodology/approach - The problem is analytically approached under a new Keynesian monetary policy framework to which a budget constraint is added and, subsequently, the model's implications are empirically illustrated by characterizing Brazilian policies. Findings - The findings denote the existence of a trade-off between inflation target and public debt stability. Therefore the determination of an inflation target cannot neglect this trade-off. Furthermore, the empirical analysis from the Brazilian case shows that the Central Bank of Brazil takes into consideration public debt when determining the interest rate. Practical implications - The determination of the interest rate in an inflation targeting regime must consider the public debt stability. Originality/value - This paper makes a contribution on the theme of consistency between monetary policy and fiscal equilibrium. [ABSTRACT FROM AUTHOR]

Discusses political instability and polarization in relation to debt maturity in organization for economic cooperation and development (OECD) countries. Impact of political instability on macroeconomics such as inflation; How political instability affects the average maturity of debt;.

The article deals with the regulations of the Fiscal Stability Treaty to control budget deficits within the European Union. It deals critically with the sanction and implementations options, also with regard to non- compliance of the so-called Maastricht criteria, the already existing European Stability and Growth Pact, and the takeover into national law. The possible sanctions which are part of the Pact at the present time appear vague and unrealistic formulated so that an effective implementation can hardly be assumed. [ABSTRACT FROM AUTHOR]